Game development company Beyond Frames reported lower revenue and a worsened result in the first quarter compared with the corresponding period last year.Revenue fell to SEK 22.1 million (39.1). EBITDA amounted to SEK -0.5 million (3.1). Profit before tax amounted to SEK -7.4 million (-3.8). Earnings per share after financial items were SEK -0.40 (-0.20).Cash and cash equivalents amounted to SEK 11.3 million (14.7) at the end of the period. At the end of the previous quarter, cash stood at SEK 8.9 million.After the end of the quarter, the game "TMNT: Empire City" was launched on Meta Quest, Steam VR and Pico. The company says that the reception from players has been positive but that the initial commercial development has been weaker than expected, which it announced earlier in May. As a result, previous long-term sales targets were withdrawn.The company has also previously announced a strategic review with the aim of reducing annual costs by a total of SEK 38-47 million and broadening the project portfolio toward PC and console games in addition to VR. Discussions are also being held on extending credit facilities and additional financing solutions.CEO Ace St. Germain says the focus going forward is on improved operational efficiency, protected liquidity and maintained strategic flexibility in a still challenging XR market. “Manufacturers continue to invest in new hardware, while smart glasses are already showing strong sales momentum and production capacity is being expanded ahead of broader market adoption. Several players in the industry have signaled increased volumes and additional product launches over the coming years. We see opportunities to contribute with our experience in immersive design and XR content for these next-generation devices", he states in the report. He continues. "We are now entering the next phase for Beyond Frames with a narrower operational focus. Although market conditions in the short term remain challenging, we believe the measures taken during and after the quarter position the company on a stronger and more sustainable foundation for long-term growth."Beyond Frames, SEK millionQ1 2026Q1 2025ChangeRevenue22.139.1-43.4%EBITDA-0.53.1—EBITDA margin-2.4%7.8%—Profit before tax-7.4-3.8—Earnings per share, SEK-0.40-0.20—Cash and cash equivalents11.314.7-23.6%